Gold firms, set to break three-year losing streak
- Buz Investors Gold firms Gold is trading at $1160.70 per ounce at 10:40 GMT this morning, 0.15% higher from the New York close.
- This morning, the precious metal traded at a high of $1164.30 per ounce and a low of $1158.50 per ounce. Yesterday, gold traded 1.06% higher in the New York session and closed at $1159.00 per ounce, amid a broad weakness in the greenback.
- Immediate downside, the first support level is seen at $1149.23 per ounce, while on the upside, the first resistance level is at $1168.23 per ounce.
Gold firms Gold become set to shut out 2016 up greater than 9 percent for its first annual gain in 4 years, edging better inside the very last trading session of the year on Friday on the lower back of a weaker dollar.
Spot gold become up zero.09 percent at $1,159.29 an oz, having earlier hit a more than two-week excessive of $1,163.14 an oz.. Gold is up approximately 2.5 percentage for the week and poised to check in its best weekly gain since early June.
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“The dollar is chickening out and that gave some assist to gold, amid some light buying in a thin market,” said Ronald Leung, leader dealer at Lee Cheong Gold dealers in Hong Kong, adding that the focal point will now be on the impact of U.S. President-decide on Donald Trump’s guidelines.
Gold has received more than 9 percent to this point this year regardless of a steep fall in November, following three successive years of losses.
“Gold made strong gains as demand surged all through the intervals of financial and political uncertainty until the 1/3 quarter,” stated Mihir Kapadia, CEO of London-based totally sun international Investments Ltd.
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